Daily Times

ISLAMABAD: The internationally acclaimed Benazir Income Support Programme (BISP) has introduced a new payment system for its beneficiaries through hiring the services of six banks which would help facilitate the beneficiaries and save Rs 2 billion. The agreement, in this regard, was signed by the BISP and six banks recently for the disbursement of funds among its 9.3 million beneficiary households. According to an official source, initially, the program was utilizing the services of only two banks and the contracts of the same had expired some years back. However, this expansion signifies the introduction of wider service provider banks thus leading to greater transparency. The purpose of introducing this new payment system is to reduce the difficulties of the end users and facilitate them to withdraw their quarterly stipends without any hassle. The BISP will annually save Rs 2 billion on account of competition introduced through this new payment system. As a consequence, there will be 15 clusters and six banks providing service to BISP beneficiaries now with broader partnership service being provided by Bank Al Falah, Bank of Punjab, Mobilink Microfinance, Telenor Microfinance Bank, Habib Bank Limited, and HBL Microfinance. BISP is poised to overcome challenges and achieve a more responsive system through beneficiary awareness and a grievance redressal system created in collaboration with banks.